Zenabis Enters into Supply Agreement with Shoppers Drug Mart
Feb 04, 2019, 06:00 ET
VANCOUVER, Feb. 4, 2019 /CNW/ - Zenabis Global Inc. ("Zenabis") (TSXV: ZENA) is pleased to announce that it has entered into a supply agreement with Shoppers Drug Mart ("Shoppers").
Shoppers may purchase dried marijuana and cannabis oil (once Zenabis receives its licence to sell oil) from the Zenabis medical branded product line, subject to any and all regulations. Shoppers also has the right to purchase all future products available as laws and regulations allow. Zenabis branded medical cannabis products will then be sold online at cannabis.shoppersdrugmart.ca, as regulations do not allow the sale of medical cannabis in retail pharmacies.
"We are very excited to provide Shoppers Drug Mart with Zenabis products," said Andrew Grieve, CEO of Zenabis. "This partnership is very important to us and our strategic goals as a company moving forward, as it strengthens our commitment to serving medical patients across Canada."
About Zenabis
- On January 9, 2019, Bevo Agro Inc. and Sun Pharm completed the reverse takeover contemplated on October, 4, 2018, to become Zenabis Global Inc.
- On January 21, 2019, Zenabis entered into a credit agreement with a major Canadian chartered bank for a $51,000,000 credit facility.
- As of February 4, 2019, 72% of the Zenabis common shares have been contributed to the Pooling Agreement announced December 21, 2018, including 9 of the top 12 shareholders.
- As of February 4, 2019, Zenabis has distribution relationships with government and third-party retailers/distributors in New Brunswick, Nova Scotia, British Columbia, Saskatchewan, Manitoba, Prince Edward Island, and the Yukon Territory.
Zenabis is a significant licensed cannabis cultivator of medical and recreational cannabis, and employs staff coast-to-coast, across facilities in Atholville, New Brunswick; Delta and Langley, B.C.; and Stellarton, Nova Scotia. In addition to gaining technologically advanced knowledge of plant propagation, the recent addition of state of the art greenhouses in Langley provides Zenabis with 3.5 million square feet of facility space that can, upon full conversion, be dedicated to cannabis production.
If all facility space is fully built out and dedicated to production, Zenabis will own, and have access to, 660,000 square feet of high quality indoor cannabis production space, as well as 2.1 million square feet of greenhouse space at its Langley facility (an additional 700,000 square feet of greenhouse space will be used to continue the existing propagation business, to be converted at such a time that is beneficial to the strategic position of the company), strategically positioned on Canada's coasts. These facilities, if fully converted for cannabis production, would have the design capacity to yield 479,700 kg of dried cannabis annually, for both national and international market distribution. The Zenabis brand name is used among the medical market, while Namaste is used to service the recreational market.
The management team at Zenabis has significant experience in finance, agriculture, technology, pharmaceutical sales, consumer packaged goods, international distribution and brand marketing. Leadership is backed by the expertise of a Chief Growing Officer, a Chief Science Officer and Chief Medical Officer.
This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Zenabis, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the purchase of Zenabis products pursuant to the supply agreement; and the conversion, expansion and optimization of Zenabis' facilities. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Zenabis' control. These risks, uncertainties and assumptions include, but are not limited to, those described Zenabis Management Information Circular dated November 23, 2018, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Furthermore, any forward-looking information with respect to available space for cannabis production is subject to the qualification that management of Zenabis may decide not to use all available space for cannabis production, and the assumptions that any construction or conversion would not be cost prohibitive, required permits will be obtained and the labour, materials and equipment necessary to complete such construction or conversion will be available. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Zenabis does not intend, nor undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
For more information, visit: https://www.zenabis.com
SOURCE Zenabis Global Inc.
For further information: Media Relations: [email protected], 1-844-523-8679; Investor Relations: Shobana Thaya, Zenabis Global Inc., [email protected], 1-844-523-8679